The co-mining agreement with Bitdeer is a positive operational development that validates Soluna's infrastructure and introduces a new revenue-sharing model. Monitor for deployment milestones starting September 2026 and any future updates on the economics of the co-mining arrangement. The lack of disclosed financial terms limits the ability to quantify the near-term revenue impact.
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Executive Summary
Soluna Holdings announced a co-mining agreement with Bitdeer Technologies Group (NASDAQ: BTDR) for a 28 MW deployment of Bitcoin mining equipment at its Project Kati 1 site in South Texas, adding approximately 1.93 EH/s of hash rate. The agreement is a new co-mining structure for Soluna, where it provides site, power, and operations while Bitdeer provides the mining equipment, and both share in the mining proceeds. This is a positive operational milestone that expands capacity at Soluna's largest operating site and introduces a new revenue-sharing model, but no financial terms were disclosed.
Key Facts
- Soluna subsidiary entered a co-mining agreement with Bitdeer (NASDAQ: BTDR) for 28 MW of Bitcoin mining equipment at Project Kati 1.
- The deployment adds approximately 1.93 EH/s of hash rate at Soluna's largest operating site.
- Deployment begins September 2026, ramping in batches.
- Project Kati 1 is an 83 MW wind-powered data center in Willacy County, Texas, which delivered its first gross profit in Q2 2026.
- Soluna has 192 MW of data center capacity in operation across four sites, with an additional 14 MW under construction at Kati 1.
- The company's development pipeline totals 6.3 GW across projects in planning, development, and assessment.
Financial Impact
No financial terms or revenue projections disclosed. The agreement adds 28 MW of capacity and ~1.93 EH/s hash rate under a co-mining revenue-sharing structure.
Risk Factors
- No financial terms or revenue projections were disclosed, making it difficult to assess the economic impact of the co-mining arrangement.
- The deployment is subject to execution risk, including potential delays in equipment delivery or site readiness.
- Bitcoin mining economics are volatile and dependent on Bitcoin price and network difficulty, which could affect the profitability of the co-mining arrangement.
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Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-039964 |
| Document: 0001493152-26-039964-index.html | 0001493152-26-039964 |
| Document: 0001493152-26-039964.txt | 0001493152-26-039964 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $0.5454 | awaiting T+20 | — | $0.5448 (−0.11%) |
Oct 21, 2026 4d ago | 8-K | $0.5340 | awaiting T+20 | — | $0.5448 (+2.02%) |
Oct 21, 2026 5d ago | 8-K | $0.5607 | awaiting T+20 | — | $0.5448 (−2.84%) |
Oct 21, 2026 5d ago | Press Release | $0.5607 | awaiting T+20 | — | $0.5448 (−2.84%) |
Oct 20, 2026 6d ago | 8-K | $0.5770 | awaiting T+20 | — | $0.5448 (−5.58%) |
Sep 28, 2026 28d ago | 8-K | $1.18 | awaiting T+20 | — | $0.5448 (−53.83%) |
Sep 14, 2026 6w ago | 8-K | $1.15 $0.8500 | ▼ −26.09% | ▼ −28.35% | $0.5448 (−52.63%) |
Sep 9, 2026 6w ago | 8-K | $1.24 $1.01 | ▼ −18.55% | ▼ −20.49% | $0.5448 (−56.06%) |
Sep 8, 2026 6w ago | 8-K | $1.27 $1.05 | ▼ −17.32% | ▼ −19.04% | $0.5448 (−57.10%) |
Aug 31, 2026 7w ago | Insider Cluster | $1.05 $1.14 | ▲ +8.57% | ▲ +8.46% | $0.5448 (−48.11%) |
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